Sue Ann, a lawyer and economist, had previously worked for Continental Resources herself though she is not currently an employee there. The award she has been given means that Mr Hamm will not have to sell his shares in Capital Resources, thus allowing him to remain the controlling shareholder in the company. In order to secure the judgment, Haralson placed a lien on 20 million shares of the CEO’s Continental stock.
However, shares in Continental have fallen 1.6 percent since the judgment was issued. Harold Hamm’s stake in Continental is currently valued at around $13.5 billion, down from the $19 billion he was reputedly worth before the nine week hearing.
A little like Young v Young on this side of the Atlantic, which became colloquially known in some quarters as the ‘Brewster’s Millions’ case, some commentators have dubbed the arguments put forward by Mr Hamm’s lawyers – that his wealth is largely due to factors beyond his control – the ‘Jed Clampett’ defence. It’s a reference to the 1960s TV series The Beverly Hillbillies in which the father figure becomes rich by fluke when he discovers oil while out hunting.